Guyana Development Bank to remove financial barriers for Guyanese entrepreneurs

Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally, on Thursday, engaged residents of Region Five, outlining how the upcoming Guyana Development Bank will provide interest-free, collateral-free loans to help individuals start or expand small businesses.

Meeting with residents at Cotton Tree Primary School, Minister Ally said the initiative responds to long-standing challenges faced by many Guyanese seeking loans from traditional financial institutions, including high interest rates and strict collateral requirements.

Under the programme, small and medium-sized enterprises (SMEs) will be able to access up to $10 million in collateral-free loans.

The bank is expected to become fully operational before the end of the first quarter of 2026 and will receive an initial government investment of US$200 million.

“The president heard the concerns of citizens, the difficulty of accessing capital, the burden of collateral, and the high interest rates,” the minister explained.

He noted that one of the key features of the Development Bank is that loans will be issued without collateral, allowing applicants to secure financing without risking personal or family assets.

To help citizens successfully access funding, the government will also provide training in business development, financial literacy and project planning.

Entrepreneurs will receive support in areas such as marketing, budgeting and management to ensure funded ventures are sustainable.

Minister Ally also encouraged citizens to form partnerships and combine resources to create stronger businesses, saying, “This initiative is designed to give every citizen a fair opportunity to start or expand a business.”

He added that improved access to global markets and digital tools presents new opportunities for Guyanese entrepreneurs to expand beyond their communities and reach regional and international customers.

The Development Bank forms part of the government’s broader vision to build a diversified and resilient economy, with citizens playing a greater role in economic growth.

The Region Five meeting was one of several engagements being conducted ahead of the bank’s official launch.